Shopko
Shopko is a chain of discount store that operates in 13 states. It is owned by Sun Capital Partners. In 1999, Shopko purchased Pamida, a regional discount chain that operated mainly in smaller communities of 3,000 to 8,000 people. Shopko operated Pamida as a separate division until 2007, when Pamida was separated from Shopko and reestablished as a separate company. In 2012, Shopko and Pamida merged into one company. Shortly after, most Pamida stores were rebranded as Shopko Hometown. Shopko filed for Chapter 11 bankruptcy on January 16, 2019. On March 18, 2019, Shopko announced it will close all of its locations by summer 2019. History In March 1961, investoing companies Green Bay Mayor, Roman Denissen, and Shopco Stores agree to open a store. In April 1962, the first ShopKo '''store opens. In 1971, ShopKo ageed to merge with SuperValu Inc. Also in 1971, ShopKo started putting pharmacies in its stores. In 1989, ShopKo opens '''Twin Valu, a hypermarket chain that would sell ShopKo and Cub products together. In 1990, ShopKo opened there 100th store. In 1991, SuperValu spun-off ShopKo. In 1997, ShopKo acquires Penn-Daniels, '''which owned the discount chain '''Jacks. In 1997, ShopKo acquired the 147-store discount chain Pamida. In 2000, ShopKo acquired Place stores. In 2005, ShopKo was purchased by Sun Capital Partners, owners of the now-defunct Mervyns chain. In 2007, ShopKo spun-off Pamida, but it is still owned by the same company. Also in 2007, ShopKo released a new logo, and dropped the uppercase-K to make the name Shopko. In 2010, Shopko acquired a few Pamida stores and converted them to Shopko Hometown 'stores. Since then, Pamida is once again a full subsidiary. Chapter 11 On December 4, 2018 Shopko confirmed that they were closing 39 stores. The following day, Bloomberg reported that Sun Capital had failed to find a buyer for Shopko and that the capital partners found a Chapter 11 situation increasingly likely. McKesson Corporation filed a suit against Shopko in court on January 8, 2019, seeking $67 million in delinquent payments. Along with the announcement, it was reported that Shopko could file for bankruptcy as early as January 15. On January 16, Shopko filed for Chapter 11 bankruptcy in Nebraska court, citing tough market competition and assets of less than $1 billion compared to liabilities of up to $10 billion. Shopko also announced the closure of another 105 of its 363 stores, including its original Military Ave. store in Green Bay. On February 7, 2019, Shopko confirmed the closure of 251 stores or 70 percent of its locations closing in phases between March 2, 2019 and May 12, 2019. This includes 77 Shopko stores, 165 Hometown Values stores, both the 2 stand alone pharmacies, and all 7 Express stores. Shopko will exit the states of California, Colorado, Indiana, Kansas, Kentucky, Nevada, New Mexico, Ohio, Oklahoma, Oregon, Texas, Utah, and Washington. On March 18th, 2019, Shopko announced the closure of all remaining stores, due to a buyer not being found for the chain. Liquidation sales are expected to end in the summer. On April 22nd, 2019, Shopko announced to employees that despite the fact that the company signed a contract for severance pay, only certain states would actually be paid. Store Concepts *'Shopko '- discount store *'Shopko Hometown - smaller discount store *'Shopko Express '- smaller store for quick trips See also *SuperValu Inc. - former owner External links Official websiteCategory:Discount stores Category:Big-Box Stores Category:Superstores Category:Department stores Category:Retailers by type Category:Retailers Category:Retailers that filed for bankruptcy